No doubt about it: when the market heats up, home sellers are in an ideal position. These circumstances typically result in multiple offers and even bidding wars. If you’re fortunate enough to sell under these conditions, you can almost certainly expect a good result. That said, there are steps you can take to help ensure even further success!
If you’re preparing to sell your home in a seller’s market, here are some tips for doing it right…
Price for the market
Even when the scales are tipped in your favour, it’s still important to list for the right amount. It could make the difference between a good sale price and a great one.
From demand and competition levels to regulatory shifts, there are many factors to consider. For example, the OFSI recently proposed changes to the mortgage stress test. A knowledgeable real estate professional will know how this type of change could impact your target demographic (if at all).
Your agent will also look closely at recent sold prices for similar properties—and consider your goals. If receiving multiple offers is one of them, they may suggest setting a price slightly below market value.
Don’t skimp on preparations
It’s much easier to sell in a seller’s market, but that doesn’t mean you should forgo home preparations. Sure, some buyers may be willing to overlook flaws when they don’t have a wealth of options. But as a rule, it’s still going to be the stand-out properties that receive the best offers.
From performing a thorough cleaning and decluttering to staging with the right furniture and decor, taking steps to make your property shine is crucial. A full-service agent can help you prep your home—and tailor its look and feel to maximize buyer interest.
Be careful when considering an offer date
Some sellers choose a specific date and time—and make it known to potential buyers that they won’t review any offers until then. This move can, in some cases, result in more bids. While that’s a definite pro, there’s also a potential downside to consider.
Some buyers are extremely wary of bidding wars, and they do what they can to avoid them. That may include opting out of making a bid on a property when there’s an offer date in place. Your real estate representative can help you weigh the pros and cons—and decide what makes the most sense for you and your sale.
Review your offers carefully
In a seller’s market, you have the opportunity to look beyond offer prices. You can afford to be a little picky, especially when there are two or more bids that are close in terms of dollars and cents.
A high deposit amount, favourable terms and conditions, and move-in timeline flexibility are some of the most common bonuses that buyers will provide. If there isn’t one offer that stands out, you may want to make a list of the pluses and minuses associated with those you’re seriously considering.
Know your next steps
When there are multiple offers on the table, there are several paths you can take. First, you can accept one bid straight out of the gate. You can also enter into negotiations with one buyer and set the other offers aside, or bargain with one and reject the other bids. Lastly, you can ask alll potential purchasers to submit their best offers.
In a hot market, you should be prepared to deal with competing buyers. That means understanding the negotiation strategies available to you. Luckily, your agent can discuss your options to help you make a truly informed decision!
Ready to make the most of a seller’s market? If you’re preparing to sell, we can help you secure a result you’ll be happy about—get in touch to learn how!
